All landlords of residential
property requiring security deposits prior to
occupancy are required to deposit all tenants'
security deposits in an account used only for that
purpose, in any bank or other lending institution
subject to regulation by the state of Tennessee or
any agency of the United States government.
Tenants shall be informed of the location of the
separate account.

LIMITS:

State laws place no limit
on the amount landlords can charge for security
deposits. When you give the landlord a deposit,
be sure to get AND keep the receipt EVEN if you give
the landlord a check or money order. The amount you
give should also be on the lease. Verify the correct
is on the lease.

INTEREST ON SECURITY DEPOSIT

Not required.

However, some cities
may have enacted their own laws with respect to
this.

RETURN OF THE SECURITY DEPOSIT

If the landlord fails
to deposit in a separate security deposit account,
they may lose their right to hold those monies.

Within
three (3) business days of the termination of
occupancy but prior to any repairs or cleanup of the
premises, the landlord shall inspect the premises
and compile a comprehensive listing of any damage to
the unit which is the basis for any charge against
the security deposit and the estimated dollar cost
of repairing such damage. The tenant shall then have
the right to inspect the premises to ascertain the
accuracy of such listing. The landlord and the
tenant shall sign such listing, which signatures
shall be conclusive evidence of the accuracy of such
listing. If the tenant refuses to sign such listing,
the tenant shall state specifically in writing the
items on the list to which the tenant dissents, and
shall sign such statement of dissent. If the tenant
has moved or is otherwise inaccessible to the
landlord, the landlord shall mail a copy of the
listing of damages and estimated cost of repairs to
the tenant at the tenant's last known mailing
address.

The
landlord also loses their rights should they not
send the tenant a notice of damages or deductions.
GIVE
YOUR OLD LANDLORD YOUR NEW MAILING ADDRESS OR YOU
MAY LOSE SOME RIGHTS.

FAILURE TO RETURN THE SECURITY DEPOSIT

Notify the landlord, in writing, of their failure to
return the deposit.

Should
a tenant vacate the premises with unpaid rent due
and owing, and without making a demand for return of
deposit, the landlord may, after thirty (30) days,
remove the deposit from the account and apply the deposit
to the unpaid debt.